Pavel Durov, CEO of the messaging platform Telegram, announced a new payment system for digital goods and services on Thursday. 

The platform introduced Telegram Stars, which allows users to pay for digital services via in-app purchases on iOS and Android. App developers can swap their stars for TON, the native token of The Open Network, via the exchange Fragment. The platform added that Telegram Stars is compliant with Apple and Google's digital product sale policies.

"Apple and Google take a 30% cut when users buy Stars from them, but Telegram will subsidize ads purchased with Telegram Stars," Durov wrote in a Telegram post. "So if developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps."

Notcoin NOT -3.45% , one of Telegram's popular apps, launched in January and amassed nearly 35 million players by mid-May, The Block previously reported.

TON -2.020% traded at $7.33 after experiencing a 0.47% decrease in the past 24 hours, according to The Block Prices as of 12:08 p.m. ET (16:08 UTC).

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